Foreclosure Homes These are homes which have already gone through the Foreclosure process and the lending institution (bank or mortgage company) has already taken back ownership.  The owners who lost the home to foreclosure have been evicted and the property is vacant.  These properties may be in various degrees of disrepair as the lender usually sells the home without first making improvements or repairs. Each property and lending institution is different and the details must be obtained from the lender or real estate broker listing the property for sale. These foreclosure properties are easier to purchase than PRE-Foreclosures or Short Sales as the lending institution/owner has appraised the property and has put an asking price they are willing to accept, whereas a Pre-Foreclosure has an asking price that has usually not been approved by the lender so the acceptable price may be ABOVE the Asking Price listed.  The sale on a Foreclosure is usually processed much more quickly than a Pre-Foreclosure so you can determine a true closing date more accurately. For more information on Foreclosures and Pre-Forclosures/Short Sales, call Joan at 813-884-2023.